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Dardanel Onentas Gida Sanayi swings to profit in Q4

Dardanel Onentas Gida Sanayi AS said its fourth-quarter normalized net income amounted to 17 kurus per share, compared with a loss of 32 kurus per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.1 million lira, compared with a loss of 11.0 million lira in the year-earlier period.

The normalized profit margin rose to 13.9% from negative 26.0% in the year-earlier period.

Total revenue increased 61.0% year over year to 68.0 million lira from 42.2 million lira, and total operating expenses increased 29.3% year over year to 62.5 million lira from 48.3 million lira.

Reported net income came to 14.9 million lira, or 28 kurus per share, compared to a loss of 15.9 million lira, or a loss of 46 kurus per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 29 kurus per share, compared with a loss of 30 kurus per share in the prior year.

Normalized net income was a loss of 15.7 million lira, compared with a loss of 10.4 million lira in the prior year.

Full-year total revenue rose 46.1% from the prior-year period to 215.4 million lira from 147.5 million lira, and total operating expenses increased 44.5% on an annual basis to 200.4 million lira from 138.8 million lira.

The company said reported net income came to a loss of 24.7 million lira, or a loss of 46 kurus per share, in the full year, compared with a loss of 15.0 million lira, or a loss of 43 kurus per share, the prior year.

As of March 10, US$1 was equivalent to 2.90 Turkish lira.